Bulgaria Golden Visa

Our team is adept at facilitating investments across a broad spectrum of opportunities in Bulgaria, ranging from property transactions to investments in Alternative Investment Funds (AIFs), Exchange-Traded Funds (ETFs), venture capitals, and more. However, our expertise extends beyond guiding you through existing investment avenues.

512 000 EUR


6 months

to Permanent

5 years

Retaining the

Bulgaria Golden visa and Citizenship

By investing in a Bulgarian Fund, be it an Alternative Investment Fund (AIF), an Exchange-Traded Fund (ETF), or a designated priority project, you become eligible to apply for the Bulgarian Golden Visa. This opportunity presents a viable pathway for investors to engage with the Bulgarian market and simultaneously gain eligibility for this valuable visa program.

The process for obtaining a Bulgaria Golden Visa

The process for obtaining a Bulgaria Golden Visa through Advocate Markov involves several well-defined steps, ensuring a smooth and efficient experience. Below is a detailed overview:

  1. Initial Consultation with Advocate Markov’s Team: Begin by discussing your individual situation with our expert team. We will evaluate your personal circumstances and guide you in selecting the most appropriate investment option, as well as explain the general conditions of the program.
  2. Due Diligence (Average Duration: A Few Months): You are required to undergo a due diligence process primarily focused on verifying your investment funds and their origins. Please ensure your financial documentation is in order for this step.
  3. Completing the Investment: Once you have successfully passed the due diligence, the next step is to make your investment. Our team will provide advice on the various investment options available, including their expected returns and associated risks.
  4. Submitting the D Visa Application: Apply for the D visa at the embassy or general consulate in your home country. The processing time for D visas typically spans a few months from the date of application.
  5. Applying for Permanent Residency: This application must be made in person at the local Migration Office. The processing time for permanent residency applications also takes a few months.
  6. Family Reunification Process: You can initiate the family reunification process immediately after your permanent residency application is approved. Your family members will need to follow the same procedure as outlined in steps 4 and 5.

Each of these stages is integral to the successful acquisition of a Bulgaria Golden Visa, and our team at Advocate Markov is committed to providing comprehensive support throughout the entire process.

Converting a Bulgaria Golden Visa into Bulgarian Citizenship by Investment

With the cancellation of the bond program in 2021, the direct route to Bulgarian citizenship through investment was removed. This change eliminated certain privileges, such as the exemption from the language requirement (which was extended to even applicants by origin in 2024) and the need for employment in Bulgaria.

However, by investing in a designated Bulgarian AIF or Bulgarian ETF and maintaining permanent residency for five years, you can still pursue Bulgarian citizenship through naturalization. This pathway requires passing a language exam administered by the Ministry of Education and demonstrating employment in Bulgaria.

Our team is well-equipped to assist you in obtaining an exemption from the language exam and preparing you for the citizenship interview. We are committed to guiding you through each step of this process, ensuring a smoother transition to Bulgarian citizenship.

Benefits of the Bulgaria Golden Visa Program


Visa-free travel to over 140 countries


High-Return Investment Opportunities


The Bulgaria Golden Visa is a Schengen visa


Your entire family can join you


You are eligible to become a tax resident of Bulgaria


Permanent residency status is indefinite


Minimal Investment Period of 5 years


Minimum Stay Requirements of a single day annually


Due Diligence

The new Bulgaria Golden Visa program, unlike the previously cancelled Bulgarian citizenship by investment program, mandates a due diligence procedure before any investment is made. Applicants are advised not to initiate their investment until they receive approval from the Investment Agency. Any investments made prior to this approval are at the risk of being invalidated, requiring a redo of the investment at the applicant’s expense.

For the pre-approval procedure with the Investment Agency, applicants are required to submit the following documents and information:

  1. Copy of ID document
  2. Evidence of sufficient funds meeting or exceeding the minimum investment threshold
  3. Declaration of Anti-Money Laundering Compliance
  4. Declaration Regarding Politically Exposed Person Status
  5. Detailed information pertaining to employment, professional, and investment activities
  6. Criminal record certificate issued from the home country and country of permanent residence

What Are the Government Fees and Legal Costs Related to Bulgarian Golden Visa Program?

In addition to the minimum investment you make and the necessary fees related to the Fund Investment, you will be faced with legal fees and government application fees. Below, you may find a detailed list of all the associated costs.

Legal Fees

The legal fees depend on the law firm you choose to work with. The Bulgarian Golden Visa investment is quite significant, so it’s best to assign an experienced law firm to handle your due diligence, as well as the application and renewal process. The legal fees can add up to a considerable amount, but it’s wise to avoid taking risks with inexperienced firms.

When contacting a law firm for assistance, we recommend asking for a package price to avoid hidden costs later. Using the services of Advocate Markov’s team, you can expect fees to range from €5,000 to €20,000 for a family of four over a five-year period. The advantage is that you won’t have to pay this upfront, as installments are based on the tasks completed within the five years.

The fees cover due diligence with the investment agency, assistance with making the Fund investment, and governmental and legal costs to obtain permanent residency.

Costs Related to Investment

Depending on your preferred type of investment, the associated costs differ. Below, you can find a table that covers the costs associated with the most popular investment types; real estate acquisition, and Fund Investment:

Real Estate Property Investment Fund
Minimum Investment € 312,000 € 512,000
Transfer Tax up to 3% 0%
Notary Cost up to € 840 0%
Exit Fees 0% 0%
Performance fee 0% 35% of the profit
Residency processing fee € 2,500 € 5,000
Due diligence € 0 € 0
Management fee None 1% of the value of investment

The fees are approximate. For the latest rates, please get in touch with us.

Invest in Stocks or Bonds of a Company Listed on the Stock Exchange

For those not attracted to invest in Bulgarian Funds for the Golden Visa, another option is to invest 1,024,000 EUR in stocks or bonds of a company listed on the Bulgarian Stock Exchange. This is distinct from purchasing bank bonds, with institutions like BACB, TBI, and Allianz offering bonds starting at 5% interest. Alternatively, investing in bank stocks could be advantageous, especially considering the potential increase in value due to expected mergers in the Bulgarian banking sector. However, it’s worth noting that bank bonds are generally viewed as a more conservative investment choice.

Capital Increase in a Bulgarian Company

Another pathway is to increase the capital of a Bulgarian company by 3,072,000 EUR. A significant advantage of this route is the ability to invest in your own Bulgarian company, thus maintaining control over your investment.

Priority Investment Projects

Our expertise lies in assisting you with the conception and development of priority investment projects from scratch. Whether you are a private investor, a consulting firm, or another type of organization looking to launch a distinctive investment project, or an Investment Fund, our team is here to guide you from the initial stages. We possess the proficiency in securing approval for Priority Investment Projects and are adept at establishing AIFs or ETFs.

Classification of your Project

In Bulgaria, classifying your investment project can significantly impact its development and the benefits it receives. Projects are typically categorized into Class A, B, or C, or as a priority investment project. Each classification comes with its own set of advantages and criteria, and understanding these can be crucial for the success of your project.

We can assist in getting your project classified and advertised to potential investors.

Securing Government Support

Once your project is classified, we can help you obtain various forms of government support. This may include assistance in acquiring land for your project or securing deductions in taxes and social contributions. This will significantly enhance the feasibility and success potential of your venture.


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